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Flash PMI indicates slight pick up in manufacturing
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China's manufacturing sector may improve marginally in January as the country’s economy stabilizes, a survey showed today.
The HSBC Flash China Manufacturing Purchasing Managers' Index, the earliest available indicator of China's industrial sector, landed at 49.8 in January, up from December's final reading of 49.6, according to HSBC and research firm Markit.
But it was still below the demarcation line of 50, which separates expansion from contraction. It was the second straight month the indicator pointed to a deceleration of manufacturing activities.
Qu Hongbin, chief economist for China at HSBC, said the components showed domestic demand improved marginally while external demand remained solid. But the labor market weakened and prices fell further due to declining costs of commodities globally.
"The data suggest that the manufacturing slowdown is still ongoing amidst weak domestic demand," Qu said. "More monetary and fiscal easing measures will be needed to support growth in the coming months."
The People's Bank of China, the country's central bank, yesterday injected 50 billion yuan (US$8,05 billion) into the banking system through the seven-day reverse repurchase agreement to ease a seasonal cash squeeze as the latest effort to stabilize the economy.
Gross domestic product expanded 7.3 percent from a year earlier in the fourth quarter of last year, better than earlier market expectations and the same as that in the previous three months.
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